U.S. Stocks Rise as Manufacturing Gauge Tops Estimates
U.S. stocks advanced after a gauge of manufacturing industries exceeded forecasts, bolstering optimism in the economy.
The Standard & Poor’s 500 Index rose 0.3 percent to 1,401.7 at 10:02 a.m. in New York.
The Institute for Supply Management’s factory index rose to 54.8 in April from 53.4 a month earlier, the Tempe, Arizona- based group’s report showed today. Economists had forecast a reading of 53, according to the median estimate in a survey. Readings greater than 50 signal growth.
The S&P 500 retreated 0.7 percent in April to halt a four- month rally, its longest streak in more than two years. The benchmark gauge for U.S. equities is up 11 percent so far in 2012 and trading about 1.5 percent below an almost four-year high reached on April 2.
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